Goldcorp is an unhedged producer of gold and as such, it is well
positioned to gain from increase in gold prices. It enjoys a
leading position in the industry and aims to attain 70%
production growth by 2017. Moreover, Goldcorp is one of the
lowest-cost gold producers and has a strong balance sheet.

Goldcorp also has a number of projects at hand, which are
expected to help it to achieve its long-term growth objectives.
The company holds a 40% interest in the Pueblo Viejo mine while
Barrick Gold
(
ABX
) holds the remaining stake. Pueblo Viejo is expected to deliver
roughly 10% production gain this year and is slated to come into
full capacity by the second half of 2013.

Goldcorp expects production for 2013 in the range of 2.55 million
and 2.80 million ounces of gold and anticipates production to
speed up in the second half of the year based on the ramp up at
Pueblo Viejo and higher grades at the Penasquito mine.

However, Goldcorp faces geopolitical risks along with risks
arising out of volatility in prices of metals. Moreover, it is
exposed to cost pressures as well as certain short-term
challenges across its Red Lake and Penasquito mines. The
Penasquito mine still faces some water supply issues.

Goldcorp is also seeing cost pressures across its Canadian and
Mexican mines. The company expects cash costs to rise in 2013 on
a year-over-year basis due to industry-wide cost inflation and
the impacts of lower grades and by-product production at
Penasquito. For 2013, the company estimates all-in sustaining
cash costs of $1,000 to $1,100 per ounce, up from $874 per ounce
in 2012.

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